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Proposed 23-24 Budget (2)
VERONA WALK COMMUNITY DEVELOPMENT DISTRICT c/o Special District Services, Inc. 2501 Bums Road, Suite A Palm Beach Gardens, Florida 33410 (561) 630-4922 Fax: (561) 630-4923 May 19, 2023 VIA CERTIFIED MAIL - RETURN RECEIPT REQUESTED Clerk of the Circuit Court Collier County Courthouse 3 315 Tamiami Trail East, # 102 Naples , Florida 34112-5324 Re: Verona Walk Community Development District To Whom It May Concern : Pursuant to Florida law , enclosed please find a copy of the following document relative to the above referenced community development district: 1.) Proposed Fiscal Year 2023/2024 Budget (Oct. 1, 2023 -Sept. 30, 2024) If you have any questions or comments, please contact our office. Sincerely, SPECIAL DISTRICT SERVICES , INC. Enclosure Verona Walk Communi1l:y Developmen1l: Dis1l:ric1l: Proposed Budget For Fiscal Year 2023/2024 October 1, 2023 -September 30, 2024 CONTENTS PROPOSED BUDGET II DETAILED PROPOSED BUDGET Ill DETAILED PROPOSED DEBT SERVICE FUND BUDGET (SERIES 2013) IV DETAILED PROPOSED DEBT SERVICE FUND BUDGET (SERIES 2018) V ASSESSMENT COMPARISON PROPOSED BUDGET VERONA WALK COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023/2024 OCTOBER 1, 2023 -SEPTEMBER 30, 2024 FISCAL YEAR 2023/2024 REVENUES BUDGET 0 & M ASSESSMENTS DEBT ASSESSMENTS-SERIES 2013 DEBT ASSESSMENTS -SERIES 2018 OTHER REVENUES INTEREST INCOME TOTAL REVENUES $ EXPENDITURES MAINTENANCE EXPENDITURES FIELD INSPECTOR VEHICLE -INSURANCE VEHICLE -EQUIPMENT (SMALL TOOLS) VEHICLE -GAS & MAINTENANCE GOLF CART STORAGE LAKE SPRAYING (SOLITUDE-CLARK) LAKE WATER QUALITY TESTING (BENCHMARK) LAKE LITTORAL PROJECTS LAKE BANK MOWING OUTFALL PIPE & STRUCTURE INSPECTION & CLEANING STORM PIPE & EROSION REPAIRS DREDGING MISCELLANEOUS MAINTENANCE TOTAL MAINTENANCE EXPENDITURES $ ADMINISTRATIVE EXPENDITURES ENGINEERING MANAGEMENT SECRETARIAL LEGAL ASSESSMENT ROLL AUDIT FEES ARBITRAGE REBATE FEE -SERIES 2013 ARBITRAGE REBATE FEE -SERIES 2018 INSURANCE LEGAL ADVERTISING MISCELLANEOUS/CONTINGENCY POSTAGE OFFICE SUPPLIES DUES & SUBSCRIPTIONS WEBSITE MANAGEMENT TRUSTEE FEES -SERIES 2013 TRUSTEE FEES -SERIES 2018 CONTINUING DISCLOSURE FEE TOTAL ADMINISTRATIVE EXPENDITURES $ TOTAL EXPENDITURES $ REVENUES LESS EXPENDITURES $ BOND PAYMENTS (SERIES 20 13) BOND PAYMENTS (SERIES 2018 ) BALANCE $ COUNTY APPRAISER & TAX COLLECTOR ADMINISTRATI V E COSTS DISCOUNTS FOR EARLY PAYMENTS EXCESS/ (SHORTFALL) $ CARRYOVER FROM PRIOR YEAR NET EXCESS/ (SHORTFALL) $ Note : Projected Available Funds Balance As Of 9-30-23 is $570 ,000 5/18/2023 12.03 PM 3 11 ,297 515 ,565 582 ,044 0 600 1,409,506 42 ,600 1,000 1,545 2 ,750 1,200 77 ,500 6 ,000 6 ,000 16 ,500 5 ,000 48 ,000 1,000 1,250 210,345 14 ,500 49 ,788 4 ,200 16 ,000 10 ,000 4 ,100 650 650 7 ,250 2 ,050 2 ,000 700 1,07 5 175 2,000 4 ,730 4 ,100 1,000 124,968 335 ,313 1,074,193 (476 ,898 (538 ,391 58 ,904 (48 ,647 (57 ,108 (46 ,851) 46 ,851 - REVENUES 0 & M ASSESSMENTS DEBT ASSESSMENTS -SERIES 2013 DEBT ASSESSMENTS -SERIES 2018 OTHER REVENUES INTEREST INCOME TOTAL REVENUES EXPENDITURES MAINTENANCE EXPENDITURES FIELD INSPECTOR V EHICLE -INSURANCE V EHICLE -EQUIPMENT (SMALL TOOLS) V EHICLE -GAS & MAINTENANCE GOLF CA RT STORAGE LAKE SPRAYING {SO LI TUDE-CLAR K) LAKE WATER QU A LI TY TESTING <BENCHMAR K) LAKE LITTORAL PROJECTS LAKE BANK MOV\/ING OUTF ALL PIPE & ST RUCT URE INSPE CTIO N & CLE AN ING STORM PIPE & EROSION REPAIRS DREDGING MISCELLANEOUS MA INTENANCE TOTAL MAINTENANCE EXPENDITURES ADMINISTRATIVE EXPENDITURES ENGINEERING MANAGEMENT SECRETARIAL LEG A L ASSESSMENT ROLL AUDIT FEES ARBITRAGE REBATE FEE -SERIES 2013 ARBITRAGE REBATE FEE -SERIES 2018 INSURANCE LEGAL AD V ERTISING MISCELLANEOUS/CONTINGENCY POSTAGE OFFICE SUPPLIES DUES & SUBSCRIPTIONS WEBSITE MANAGEMENT TRUSTEE FEES -SERIES 2013 TRUSTEE FEES -SERIES 2018 CONTINUING DISCLOSURE FEE TOTAL ADMINISTRATIVE EXPENDITURES TOTAL EXPENDITURES REVENUES LESS EXPENDITURES BOND PAYMENTS (SERIES 2013) BOND PAYMENTS (SERIES 2018) BALANCE COUNTY APPRAISER & TAX COLLE CTOR ADMINISTRATIVE COSTS DISCOUNTS FOR EARLY PAYMENTS EXCESS/ {SHORTFALL) CARRYOVER FROM PRIOR YEAR NET EXCESS/ {SHORTFALL) DETAILED PROPOSED BUDGET VERONA WALK COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023/2024 OCTOBER 1, 2023 -SEPTEMBER 30, 2024 FISCAL YEAR FISCAL YEAR FISCAL YEAR 2021/2022 2022/2023 2023/2024 ACTUAL BUDGET BUDGET COMMENTS 311,423 3 11 ,29 7 311 ,297 Exoenditures Less Interest & Carrvover/.925 515 ,77 7 515 ,565 515 ,565 Bond Payments/. 925 582 ,89 3 582 ,655 582 ,044 Bond Payments/. 925 0 0 0 838 480 600 Interest Proiected At $500 Per Month ' $ 1,410,931 $ 1,409,997 $ 1 409 506 43 ,530 42 ,000 42 ,600 $600 Increase From 2022/2023 Budoet 0 1,000 1,000 No Change From 2022/2023 Budget 0 1,545 1,545 No Chance From 2022 /2023 Budget 248 2 ,750 2 ,750 No Chance From 2022 /2023 Budaet 1,200 1,200 1,200 No Chanae From 2022 /2023 Budaet 67 ,800 77 ,500 77 ,500 FY 22/23 Expendi ture Th rouah Apri l 2023 Was $39,550 4 ,224 6 ,000 6 ,000 No Change From 2022/2023 Budget 0 20 ,000 6 ,000 $14 ,000 Decrease From 2022 /2023 Budaet 16 ,200 12 ,000 16 ,500 $4 ,500 Increase From 2022 /2023 Budaet 0 5,000 5,000 No Change From 2022 /2023 Budaet 23 ,959 50 ,000 48 ,000 $2 ,000 Decrease From 2022 /2023 Budget 0 1,000 1,000 No Chance From 2022 /2023 Budget 10,851 1,250 1,250 No Chance From 2022/2023 Budaet $ 168,012 $ 221 245 $ 210,345 8,989 14 ,500 14 ,500 No Chance From 2022/2023 Budaet 46 ,944 48 ,348 49 ,788 CPI Adiustment (Caooed At 3%) 4 ,200 4 ,200 4 ,200 No Chanae Fro m 2022/2023 Budaet 10 ,945 16 ,500 16 ,000 FY 22/23 Expenditu res Throug h Jan 2023 Were $2,4 66 10 ,000 10 ,000 10,000 As Per Contra ct 3,800 3,900 4 ,100 Acceoted Amount For 2022 /2023 Aud it 650 650 650 No Change From 2022 /2023 Budget 650 650 650 Na Change From 2022 /2023 Budget 6 ,022 7 ,250 7 ,250 Insurance Estimate 679 2,050 2 ,050 Na Chanoe From 2022/2023 Budoet 1,155 2,200 2 ,000 $200 Decrease From 2022/2023 Budget 526 700 700 Na Change From 2022/202 3 Budget 952 1,07 5 1,075 No Chance From 2022 /202 3 Budaet 175 175 175 No Chanae From 2022 /2023 Budaet 2,000 2 ,000 2,000 No Chanae From 2022 /2023 Budaet 4 ,730 4 ,730 4 ,730 No Change From 2022 /2023 Budget 3 ,709 4 ,100 4 ,100 No Change From 2022 /2023 Budget 1,000 1,000 1,000 No Chanae From 2022/2023 Budaet $ 107,126 $ 124 028 $ 124 968 $ 275 ,138 $ 345,273 $ 335 313 $ 1,135 793 $ 1,064 724 $ 1 074 193 {486 ,494) {476 ,898) {476 ,898) 2024 Principal & Interest Payments (549 ,800) (538 ,956) (538 ,391) 2024 Principal & Interest Payments $ 99,499 $ 48,870 $ 58 904 (20 ,031 (48 ,628) (48 ,647) Three And One Half Percent Of Total Ass essme nt Roll {52 ,909 (57 ,085) (57 ,108) Four Percent Of Total Assessment Roll $ 26,559 $ (56 843) $ 146 851) 0 56 ,843 46 ,851 Carryover From Prior Year $ 26,559 $ -$ - Note : Projected Available Funds Balance As Of 9-30-23 is $570 ,000 5/18/2023 12:03 PM II DETAILED PROPOSED DEBT SERVICE (SERIES 2013) FUND BUDGET VERONA WALK COMMUNITY DEVELOPMENT DISTRICT REVENUES Interest Income NAV Collection Preoaid Bond Collection Total Revenues EXPENDITURES Principal Payments (2013A-1) Principal Payments (2013A-2) Interest Payments (2013A-1) Interest Payments (2013A-2) Bond Redemption Total Expenditures Excess/ (Shortfall) Original Par Amount = Interest Rate = Issue Date= Maturity Date = Par Amount As Of 1/1/23 = Original Par Amount= Interest Rate = Issue Date= Maturity Date = Par Amount As Of 1/1/23 = 511812023 12 :03 PM FISCAL YEAR 2023/2024 OCTOBER 1, 2023 -SEPTEMBER 30, 2024 FISCAL YEAR FISCAL YEAR FISCAL YEAR 2021/2022 2022/2023 2023/2024 ACTUAL BUDGET BUDGET COMMENTS 1,157 25 100 Proiected Interest For 2023/2024 486,494 477 ,985 476 ,898 Maximum Debt Service Collection 0 0 0 Prepaid Bond Collection $ 487,651 $ 478,010 $ 476,998 245 ,000 260 ,000 265 ,000 Principal Payment Due In 2024 15 ,000 15 ,000 15 ,000 Principal Payment Due In 2024 192 ,272 178,413 167 ,997 Interest Payments Due In 2024 11,500 11 ,088 10,375 Interest Payments Due In 2024 45 ,000 13 ,509 18 ,626 Estimated Excess Debt Collections $ 508,772 $ 478,010 $ 476,998 $ (21,121) $ -$ - Series 2013A-1 Bond Refunding Information $6,455,000 Annual Principal Payments Due = May 1st 1.1 % -4.375% Annual Interest Payments Due = May 1st & November 1st June 2013 May 2035 $4 ,320 ,000 Series 2013A-2 Bond Refunding Information $650 ,000 Annual Principal Payments Due= May 1st 4 .5% -5.0% Annual Interest Payments Due = May 1st & November 1st June 2013 May 2035 $170 ,000 111 REVENUES Interest Income NA V Collection Prepa id Bond Collection Total Revenues EXPENDITURES Principal Payments Interest Payments Bond Redemption Total Expenditures Excess/ (Shortfall) Original Par Amount = Interest Rate = Issue Date= Maturity Date = DETAILED FINAL DEBT SERVICE (SERIES 2018) FUND BUDGET VERONA WALK COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023/2024 OCTOBER 1, 2023 -SEPTEMBER 30, 2024 FISCAL YEAR FISCAL YEAR FISCAL YEAR 2021/2022 2022/2023 2023/2024 ACTUAL BUDGET BUDGET COMMENTS 19 25 100 Projected Interest For 2023/2024 549 ,800 538 ,956 538,391 Maximum Debt Service Collection 0 0 0 Prepaid Bond Collection $ 549,819 $ 538,981 $ 538,491 328,000 338,000 350 ,000 Principal Payment Due In 2024 215,995 199,843 188 ,363 Interest Payments Due In 2024 0 1,138 128 Estimated Excess Debt Collections $ 543,995 $ 538,981 $ 538,491 $ 5,824 $ -$ - Series 2018 Bond Refunding Information $7 ,677 ,000 Annual Principal Payments Due= May 1st 3.25 % - 5 .375% Annual Interest Payments Due= May 1st & November 1st March 2018 May 2037 Par Amount As Of 1/1/23 = $6,318 ,000 511812023 12:03 PM IV Lot Verona Walk Community Development District Assessment Comparison Fiscal Year Fiscal Ye ar Fiscal Year Fiscal Ye ar 2019/2020 2020/202 1 2021/2022 2022/2023 Size Assessment• Assessmenr Assessment* Assessment* Phase One Townhome 26' O&M Cayman Debt Total Duple x 36' O&M Capri/Ca rrington Debt Total Single Fam ily 50' O&M Oakmont Debt Tot al Single Family 60 ' O&M Carty le Debt Total Phase Two Duple x 36 '/SF 40' O&M Cap ri/Carrington Deb t Total Single Family 40 ' O&M Garden Deb t Total Single Fam ily 50' O&M Oakmont Debt Total Single Fam ily 60 ' O&M Cartyle Debt Total Single Family 65' O&M Esta te Debt Total • Assessments Include the Following : 4% Discount for Early Payments 2% County Property Appraiser Costs 1.5% County Tax Collector Costs C t' ommunHv n orma 10n : Phase I $ 162 .13 $ 162.13 $ 162 .13 $ 162 .13 $ 540.00 $ 540 .00 $ 540.00 $ 540.00 $ 702 .13 $ 702 .13 $ 702 .13 $ 702 .13 $ 162.13 $ 162 .13 $ 162 .13 $ 162.13 $ 540 .00 $ 540 .00 $ 540 .00 $ 540 .00 $ 702 .13 $ 702 .13 $ 702.13 $ 702 .13 $ 162 .13 $ 162 .13 $ 162 .13 $ 162.13 $ 635 .00 $ 635 .00 $ 635 .00 $ 635 .00 $ 797 .13 $ 797.13 $ 797 .13 $ 797.13 $ 162 .13 $ 162 .13 $ 162.13 $ 162 .13 $ 730.00 $ 730.00 $ 730.00 $ 730 .00 $ 892 .13 $ 892 .13 $ 892 .13 $ 892 .13 $ 162 .13 $ 162 .13 $ 162.13 $ 162 .13 $ 511 .00 $ 511 .00 $ 511 .00 $ 511 .00 $ 673.1 3 $ 673 .13 $ 673 .13 $ 673 .13 $ 162 .13 $ 162 .13 $ 162 .13 $ 162.13 $ 577.00 $ 577 .00 $ 577 .00 $ 577.00 $ 739.13 $ 739 .13 $ 739.13 $ 739 .13 $ 162 .13 $ 162 .13 $ 162 .13 $ 162 .13 $ 601.00 $ 601 .00 $ 601 .00 $ 601 .00 $ 763 .13 $ 763.13 $ 763 .13 $ 763 .13 $ 162 .13 $ 162 .13 $ 162 .13 $ 162.13 $ 691 .00 $ 691 .00 $ 691 .00 $ 691.00 $ 853.13 $ 85 3.13 $ 853 .13 $ 853 .13 $ 162 .13 $ 162 .13 $ 162 .13 $ 162.13 $ 759 .00 $ 759 .00 $ 759 .00 $ 759.00 $ 921 .13 $ 921 .13 $ 921 .13 $ 921 .13 Maximum Annual No. of Units Type Front Footage Name Debt Assessment Bond Prepayments 246 Townhome 26' Cavman $ 540 6 350 Duplex 36 ' Capri/Carrinoton $ 540 11 242 Sinole Familv 50' Oakmont $ 635 7 97 Single Family 60 ' Carlyle $ 730 1 935 25 Phase II Maximum Annual No . of Units Type Front Footage Name Debt Assessment Bond Preoayments 443 Duplex/SF 36'/40' Capri/Carrinqton $ 511 58 Duolex 40' Garden $ 577 325 SF 50' Oakmont $ 601 161 SF 60'/65 ' Carlyle $ 691 32 SF 65' Estate $ 759 1019 1 New Bond Prepayer For 2023/2024 Budget (Phase 2 -Oakmont) * Developer made Bond Prepayment in August 2014 for 34 lot differential (68 Phase 1 Caymans replaced with 34 Oakmonts) * Developer made Bond Prepayment in November 2014 for 1 lot differential (1 Phase 1 Carlyle replaced with 1 Oakmont) ** Developer built Carrington Homes on Garden Lots (Karina Street)• Debt Assessments for those lots was $678 • now $577. ** Developer made Bond Prepayment in November 2014 for 4 lot disclosure differential (4 40' disclosed at 36'/40' rate) Total Lots Assessed For O&M = 1920 5/18/2023 12 :03 PM V 7 0 8 0 0 15 Fiscal Year 2023/2024 Projected Assessment* $ 162.13 $ 540.00 $ 702.13 $ 162.13 $ 540 .00 $ 702.13 $ 162.13 $ 635.00 $ 797.13 $ 162.13 $ 730.00 $ 892.13 $ 162.13 $ 511.00 $ 673.13 $ 162.13 $ 577.00 $ 739.13 $ 162.13 $ 601 .00 $ 763 .13 $ 162.13 $ 691.00 $ 853.13 $ 162.13 $ 759.00 $ 921.13 Lot Differential Prepayment* 68 0 -35 1 34 Lot Disclosure Differential Pre oavment** -4 4 0 0 0 0